", "Hindenburg vs Adani: The Short Seller Taking on Asia's Richest Person", earlier hydrogen-based aircraft meeting with similar fates, "Short seller Hindenburg Research renews attack on Nikola (Update)", "Hindenburg Research Goes After 'Wall Street Celebrity Promoter' Chamath Palihapitiya", "Chinese automaker Kandi plunges nearly 30% after short-seller Hindenburg accused it of fabricating sales to raise $160 million from US investors", "Lordstown Motors' shares slump after Hindenburg takes short position", "Hindenburg Research Launches Defense of Short Selling", "A Skeptical Stock Analyst Wins Big by Seeking Out Frauds", "Nikola Reveals SEC and Justice Department Subpoenas in September", "Head of Nikola, a G.M. REUTERS/Al Drago. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. NEW YORK, Aug. 28, 2019 /PRNewswire/ -- On January 23, 2019, Yangtze River Port and Logistics Limited (Nasdaq: YRIV) (the "Company") filed a defamation lawsuit in the New York Supreme Court, New. After Musk's attempted termination of the deal, Hindenburg took a significant long position in Twitter betting against Musk on the acquisition to close.[3]. Losses across Gautam Adani's main businesses hit $107 billion by 10 a.m. London time on Thursday since the Jan. 24 publication of an extensive critical report from New York's Hindenburg . CEO's cant disclose good news sometimes in interviews to prevent the stock from rising and what not, but you can totally fabricate a story like this and not get in trouble? [ 1, 2] Part I: Kandi's Extensive History of Fraud Allegations Gautam Adani's wealth has dropped over $80 . Nikola founder Trevor Milton resigned. The short seller also repeatedly hedged its accusations with words like we think and we believe, Sherwood said, and noted throughout the report that its views were based on public documents that Hindenburg hyperlinked. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Hindenburg Research . Singh said, even though it took the company 2-3 days to reply, it did reply sufficiently. Shares fell more than 90%. (Reuters) - In the midst of a market rout last week that stripped Indian conglomerate Adani Group of $65 billion in market capitalization, Adani announced that it was contemplating "remedial and. In its two-year study, Hindenburg claimed that the Adani Group had participated in brazen stock manipulation" and accounting fraud over a period of decades and criticised the conglomerate's "substantial debt". Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Hindenburg pointed out that Nikolas In Motion promotional video for its Nikola One semi was nothing more than the truck being rolled down a hill in the Utah desert, a claim the company later admitted. In June, Mr. Burns left Lordstown along with other members of his management team. its efforts with numerous additional findings. On Thursday, federal prosecutors in Manhattan charged the 39-year-old Nikola founder with securities and wire fraud, and accused him of promoting "a false and exaggerated narrative" about the company through social media, on television . And both of those lawsuits one by China-based real estate developer Yangtze River Port and Logistics Ltd; the other by Bollywood film producer Eros International Plc were tossed in 2019. Based on the Oct. 13 release of the in-depth research report on Loop's activities by Hindenburg Research, investor Olivier Tremblay (Plaintiff) has filed a class action lawsuit "on behalf of all others" who purchased or otherwise acquired Loop securities between Sept. 24, 2018, and Oct. 12, 2020. "We initially published our short . According to Singh, Hindenburg doesnt even have a formal office and works out of a shared office space. Social media posts cited a gunfight and four hour standoff with FBI agents at Las Vegas attorney Matthew Beasley (that led to him admitting to a massive ponzi scheme) to underscore their point, albeit in a different way. The company went on to sueHindenburg, alleging defamation, so India's richest man Gautam Adani loses $100bn in less than a week. Following Heres How To Choose, Where To Buy & More. What is . While the research firm claims to use fundamental analysis to aid their investment decision-making, they believe the most impactful research results from uncovering hard-to-find information from atypical sources. Mr. Anderson has emerged as the newest face of a small club of investors called activist short sellers a style of investing popularized by Carson Block of Muddy Waters and Andrew Left of Citron Research. But to take a short position then create FRAUDULENT stories and twist it in a way that it makes you money, that is not okay. They later settled the charges. Hindenburg The settlement figure was reportedly $1.8 million. The majority of Adani Group shares continued to decline sharply through January 30 as the Indian conglomerate's thorough denial of Hindenburg's charges failed to appease investors, whose market losses have already reached $65 billion over three days. Create an account to follow your favorite communities and start taking part in conversations. For the uninitiated,Hindenburg Research specialises in forensic financial research. The context of financial analysis of companies, particularly, publicly traded companies, tends to be pure opinion, he added. specifically pointed out issues relating to the companys accounting around its service agreements. By the end of July, just under two months later, shares were trading at $1.50, a decline of almost 80%. Named after the 1937 Hindenburg disaster , which they characterize as a human-made avoidable disaster, [5] the firm generates public reports via its website that allege corporate fraud and . Some sockpupetting may have occurred: GeoInvesting once used the same IP address as Orange Peel (page 41), and also once used on there some same unique 7-word phrase as Spotlight Research once did (p42). Hes become a real giant killer, said Frank Partnoy, a former derivatives trader who is now a professor of securities law at the University of California, Berkeley, School of Law. But they overstepped in my opinion. It has experience in the. Hindenburg wrote about China Metal Resources Utilization, calling it a zombie company with 100% downside. [30], In May 2022, Hindenburg took a short position in Twitter, Inc. following the announcement of its acquisition of Twitter by Elon Musk. Updated: 07 Feb 2023, 06:47 AM IST Livemint Adani Group has seen wealth erosion of about $118 billion, or more than half of the market value of its companies since the report. Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. half star out of 5. You are just one step away from creating your watchlist! In case you cant find any email from our side, please check the spam folder. The 3-day selloff has now erased nearly $65 billion market value amid a share sale by . Looks like you have exceeded the limit to bookmark the image. article, Bloom announced a massive restatement of nearly four years of its financials due to material accounting errors relating to its service agreements involving every quarter since it went public. "While we use fundamental analysis to aid our investment decision-making, we believe the most . Reach her at [email protected]. Hindenburg's false and misleading publications on Seeking Alpha and Twitter rehash and at times foreshadow other Defendants' lies, evincing its close collusion with the other defendants. Subscribe to Indiatimes and get handpicked updates based on your interests! The posts and advice here should be taken with a grain of salt and are not financial advice. He added that Hindenburg found issues with Nikola that his own firm had looked for and missed. Pump and dump is awfully click baity for a court filing. When Divgi TorqTransfer IPO: GMP rises, 2 more days to bid. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Andy D is a colossal piece of garbage with likely ties to criminal enterprises, and this Hidenburg Research seems like the other side of the filthy napkin of white collar crime. According to several media reports from last year, federal prosecutors have seized hardware, trading records and private communications as the investigation continues. It should work both ways. The companys CFO later resigned and was charged by the SEC in 2018 for allegedly participating in pump & dump schemes. Both Hindenburg Research and Nate Anderson feature in the DoJ's requests for information. Last summer, two whistle-blowers provided Hindenburg with a tip about Nikola, the electric truck maker that had gone public in June 2020 via a $700 million merger with a special purpose acquisition company called VectorIQ. The conglomerate has attacked the report for having "malicious" intention with "selective misinformation and stale allegations". Both the SEC and DOJ are reported to have investigations into the company following the report. They were led there partly by the work of a little-known Wall Streeter named Nathan Anderson. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. But this is not something that seems legal. Hindenburg [8] Hindenburg disclosed that it has no short or long positions in Clover. Your session has expired, please login again. Looks like you have exceeded the limit to bookmark the image. Theres so much grease on both sides. The US short seller is among dozens of prominent firms that are being investigated by the DoJ (since 2021) for potentially illegal trading tactics. Anyone can read what you share. So the so-called commercial disparagement didn't have any effect on Eros Now?" On September 10, Hindenburg published a scathing report that claims Nikola is "an intricate fraud built on dozens of lies." The report also took shots at Nikola founder Milton, claiming that he. [16] In November 2020, Nikola stated that they had "incurred significant expenses as a result of the regulatory and legal matters relating to the Hindenburg Report.[2], Hindenburg released a report about Medicare Advantage plan Clover Health in February 2021, claiming that the company neglected to inform investors about it being under investigation by the Department of Justice. Published on January 29, 2023 January 30, 2023 Read Report. Hindenburg See for yourself: http://www.clarityspring.com/nathan-anderson-ceo/, Anderson is mentioned by Grego here as well The idea for his Aphria short, Grego said, came from researcher Nathan Anderson, who published his own report on Aphria Monday morning on SeekingAlpha, under the moniker Hindenburg Investment Research., Link: https://www.barrons.com/articles/marijuana-stock-aphria-down-on-short-seller-report-1543855963, We are missing the entire subpoena, so it is unclear who was part of Hindenburg - but the wording in the table of content implies multiple players were using the name as a vehicle in their short and distort attack (that eventually proved to be false, after the price dropped 75%), EDIT: Anderson published his aphria piece on SA under the Hindenburg banner, but its unclear based on this partial subpoena if he was ever part of the original Hindenberg group. Following Heres How to Choose, Where to Buy & More was charged by SEC. 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